Equity benchmarks remained in a consolidation mode. The Sensex was up 4.67 points at 27990.21 and the Nifty up 3.45 points at 8632.60.
Idea Cellular surged nearly 8 percent on hopes of merger with Vodafone.
The Rs 1,200 crore public issue of RBL Bank, erstwhile Ratnakar Bank, has received overwhelming response from investors as it already received bids for Rs 37,897 crore worth of shares on last day of subscription.
The issue has oversubscribed 44.44 times as the IPO received bids for 168.4 crore equity shares against the total issue size of 3.79 crore shares (excluding anchor investors' portion), according to the latest data available on the exchange (15:00 hours IST).
The reserved portion of qualified institutional buyers (QIBs) is oversubscribed 72 times while the non-institutional investors' portion subscribed 98 times. The quota reserved for retail investors saw oversubscription of 5 times. RBL Bank is the first private sector lender came out with initial public offering in a decade.
Idea and Vodafone merger may breach 50 percent market share in few circles and will create India's largest telecom company. Regulatory approvals are crucial for Idea and Vodafone potential merger, say sources. Vodafone India may not need to bring in its IPO if it seals a deal with Idea. Idea shares surged 5 percent.
The Centre has rejected a proposal of software major Infosys to set up an IT special economic zone (SEZ) in West Bengal due to lack of state's recommendation. The decision was taken in a meeting of the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on August 12. "After deliberations, the board rejected the proposal due to lack of recommendation from the state government," the minutes of the BoA meeting said. Infosys had proposed to set up IT-ITeS SEZ over an area of 20.14 hectares in South 24 Parganas.
The state government's recommendation is important to get approvals from the BoA. On the other hand, the BoA approved four new proposals to set up SEZs.
Equity benchmarks extended losses amid consolidation in afternoon trade with the Nifty breaching 8600 level, dragged by ITC, L&T, ICICI Bank, HDFC and Reliance Industries. The Sensex fell 85.51 points to 27900.03 and the Nifty slipped 37.20 points to 8591.95.
About 1326 shares declined against 1211 advancing shares on the BSE. Railways increased freight rates by upto 19 percent. Star Cement said that will impact cement and freight rates. UltraTech Cement, ACC and JSW Steel declined over a percent.
BHEL extended sell-off, down 4.4 percent as Macquarie has retained its underperform rating on the stock with a target price of Rs 79. The brokerage house says the stock has held up on hopes of turnaround in orders & earnings but there is likelihood of scrapping of large tender by NTPC where the company was L1.
It expects BHEL to return to meaningful profit only in FY19. European stocks extended gains, buoyed by data which showed that the euro zone economy had yet to feel a negative impact from the 'Brexit' vote. The pan-European STOXX 600 was up 0.8 percent. Markets in wait-and-see mode ahead of a speech on Friday by US Federal Reserve chair Janet Yellen at Jackson Hole and clues about the timing of the next US interest rate hike.
Idea Cellular surged nearly 8 percent on hopes of merger with Vodafone.
The Rs 1,200 crore public issue of RBL Bank, erstwhile Ratnakar Bank, has received overwhelming response from investors as it already received bids for Rs 37,897 crore worth of shares on last day of subscription.
The issue has oversubscribed 44.44 times as the IPO received bids for 168.4 crore equity shares against the total issue size of 3.79 crore shares (excluding anchor investors' portion), according to the latest data available on the exchange (15:00 hours IST).
The reserved portion of qualified institutional buyers (QIBs) is oversubscribed 72 times while the non-institutional investors' portion subscribed 98 times. The quota reserved for retail investors saw oversubscription of 5 times. RBL Bank is the first private sector lender came out with initial public offering in a decade.
Idea and Vodafone merger may breach 50 percent market share in few circles and will create India's largest telecom company. Regulatory approvals are crucial for Idea and Vodafone potential merger, say sources. Vodafone India may not need to bring in its IPO if it seals a deal with Idea. Idea shares surged 5 percent.
The Centre has rejected a proposal of software major Infosys to set up an IT special economic zone (SEZ) in West Bengal due to lack of state's recommendation. The decision was taken in a meeting of the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on August 12. "After deliberations, the board rejected the proposal due to lack of recommendation from the state government," the minutes of the BoA meeting said. Infosys had proposed to set up IT-ITeS SEZ over an area of 20.14 hectares in South 24 Parganas.
The state government's recommendation is important to get approvals from the BoA. On the other hand, the BoA approved four new proposals to set up SEZs.
Equity benchmarks extended losses amid consolidation in afternoon trade with the Nifty breaching 8600 level, dragged by ITC, L&T, ICICI Bank, HDFC and Reliance Industries. The Sensex fell 85.51 points to 27900.03 and the Nifty slipped 37.20 points to 8591.95.
About 1326 shares declined against 1211 advancing shares on the BSE. Railways increased freight rates by upto 19 percent. Star Cement said that will impact cement and freight rates. UltraTech Cement, ACC and JSW Steel declined over a percent.
BHEL extended sell-off, down 4.4 percent as Macquarie has retained its underperform rating on the stock with a target price of Rs 79. The brokerage house says the stock has held up on hopes of turnaround in orders & earnings but there is likelihood of scrapping of large tender by NTPC where the company was L1.
It expects BHEL to return to meaningful profit only in FY19. European stocks extended gains, buoyed by data which showed that the euro zone economy had yet to feel a negative impact from the 'Brexit' vote. The pan-European STOXX 600 was up 0.8 percent. Markets in wait-and-see mode ahead of a speech on Friday by US Federal Reserve chair Janet Yellen at Jackson Hole and clues about the timing of the next US interest rate hike.
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